OpenAI authorized $10.3 billion in employee stock sales last October. Employees only sold $6.6 billion. They left $4 billion on the table because they think the next round prints higher. The tender priced at a $500 billion valuation. 600 current and former employees cleared an average of $11 million in personal liquidity. That single transaction accounted for 6.2% of all 2025 US secondary trading value by itself, per PitchBook. The trajectory is what's powering the holdout behavior. January…